Seoul to set up rapid response system to fight economic crisis

By Yoo Cheong-mo
SEOUL, Oct. 29 (Yonhap) -- South Korea's key government agencies, including the
presidential office and the ruling party, agreed on Wednesday to establish a
rapid response system to address the unfolding global financial crisis, officials
said.
The agreement was disclosed after Prime Minister Han Seung-soo presided over a
meeting of representatives from the presidential office Cheong Wa Dae, the
Cabinet and the ruling Grand National Party.
"Government and ruling party officials agreed to swiftly cope with the economic
crisis through organic cooperation and discussed details of the government's
contingency policy package due early next month," said Kim Wang-ki, the prime
minister's spokesman.
The meeting was attended by GNP chief policymaker Lim Tae-hee and Jun Kwang-woo,
chairman of the Financial Services Commission, as well as Vice Finance Minister
Kim Dong-soo and presidential economic policy secretary Kim Dong-yun.
"The government and ruling party will form a closer policy cooperation network to
take a swift and long-term approach to current financial market circumstances,"
Lim told reporters after the meeting.
"We'll meet frequently on the establishment of a rapid reaction posture, but
won't be swayed by short-term fluctuations in the market."
Lim noted the government's comprehensive policy package will contain measures to
boost domestic consumption and demand, as worldwide financial turmoil clouds the
outlook for the nation's exports.